"While PB finds the lawsuits baseless and stands by the popular wristbands and its performance technology products, the legal actions are coming at a high cost to the organization leaving the company no other option that to seek voluntary protection under Chapter 11 bankruptcy law [on Nov. 18] while it restructures," Chris Thonis wrote via e-mail. "(Not going out of business!)"

Thonis also noted: "The lawsuits were not in the amount of $57.4 million; there was actually a recent settlement for $1 million" and "We will continue to honor our 100 percent refund policy and all associated warranties."

Lamar Odom is a minority investor in the company, and Lakers teammates such as Kobe Bryant and Derek Fisher have worn the Power Balance bracelets in games, as have many NBA players. Dodgers outfielder Matt Kemp is also affiliated with the company.